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BEAT proposed and final regulations; OIRA review completed

BEAT proposed/final regulations; OIRA review completed

OMB’s Office of Information and Regulatory Affairs (OIRA) reported it has completed review of proposed and final regulations concerning the base erosion and anti-abuse tax (BEAT) provisions enacted by the 2017 U.S. tax law (Pub. L. No. 115-97) (the law that is commonly referred to as the “Tax Cuts and Jobs Act” (TCJA)).

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According to OIRA, review of the proposed and final regulations was completed on November 8, 2019. The regulations are described by OIRA as follows:

Treasury regulations that are identified as “major” regulations are subject to review by OMB’s OIRA before being issued, pursuant to Executive Order 13771. Now that OIRA review has been completed, Treasury and the IRS would be expected to release these proposed and final regulations for publication in the Federal Register—the exact date of publication not being known.

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